20 October 2022 | News
Financing will be used to expand the company’s footprint of Eyecare centers across Tier 2 to 4 locations in India
image credit- Eye-Q
Gurugram-based Eye-Q Vision will raise a debt funding of $9.9 million (Rs 81.5 crore) from the US government’s development finance institution, US International Development Finance Corporation (DFC).
Eye-Q has created a unique position in India with its quality and safety focus and lean operational model. The company ensures readily available, affordable and high quality, end to end ophthalmology services to populations in the Tier2 to Tier 4 towns.
With many of its facilities accredited/certified from world class certification bodies like the NABH, super specialty services like retina, glaucoma and various government empanelments for easy, cash less access to services by underserved populations, the company has created a differentiated space for itself. The company also provides its affordable and quality ophthalmology services in underserved countries like Nigeria.
With this financing from DFC, the company will expand these quality services within & beyond the Indian subcontinent by developing more centers – beyond its current 39 centers - to sustain growth momentum and create access in underserved areas across Tier 2 to Tier 4 towns in India.
The Indian eyecare market is estimated to be about $ 18 billion in size. With a 5% prevalence of visual impairment in the population (almost 1% prevalence of blindness), the compelling need for quality affordable eyecare services is undisputed.